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- W5945204 abstract "The Organization of Petroleum Exporting Countries (OPEC) has been operating a cartel which is rapidly raising prices toward the profit maximizing level at a time when demand for oil is declining. The cartel is responding by lowering its production levels. When the relationship between world income and oil consumption is examined, a near-zero supply elasticity appears to exist because high prices tend to discourage development in non-OPEC producing nations. The argument is made that the cartel nations have tightened the market too much because the multinational oil corporations have lost power and the shocks to supply were too abrupt. The statistics used by the cartel are too crude to make reliable production decisions. OPEC nations will continue to control their overcapacity without difficulty. Their problem is in trying to control actual supply surpluses enough to maintain their prices and stay within the long-run monopoly optimum price. (DCK)" @default.
- W5945204 created "2016-06-24" @default.
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- W5945204 date "1980-01-01" @default.
- W5945204 modified "2023-09-27" @default.
- W5945204 title "Clumsy cartel. [Overcapacity/supply problems]" @default.
- W5945204 hasPublicationYear "1980" @default.
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